The cost of erecting a monument to Elizabeth II in London could reach $60 million

The cost of erecting a monument to Queen Elizabeth II, who reigned in Britain from 1952 to 2022, in London could reach nearly $60 million, the British government's press service said on its website on December 12.

"As a national memorial to honor the country's oldest and most respected monarch, the government has set a preliminary construction budget of £23-46 million ($29-58.5 million - Ed.) excluding VAT for the project," the publication said.

As noted in the department, the preliminary budget is outlined at this stage so that designers can rely on it when developing their proposals.

The final cost will depend on the final design. It is specified that the approximate cost of construction of the monument also includes the replacement of the Blue Bridge.

The monument to Elizabeth II is scheduled to be erected in 2026 and will be dedicated to her 100th birthday.

Britain's queen died at the age of 96 at Balmoral Castle in Scotland. Her eldest son Prince Charles, who took the name Charles III, became the new king. On September 16, the new king and his family held a traditional funeral vigil at the coffin with the body of Elizabeth II at the Palace of Westminster in London.

Elizabeth II reigned for more than 70 years and became the longest-reigning and oldest monarch in British history.